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21 August 10:11 AM

Ratings

The rating is supported by the benefits of RAK's membership of the UAE
20 August 12:25 PM Fitch affirms rating of Ras Al Khaimah at ‘A’; outlook stable
UAE – Mubasher: Fitch Ratings has affirmed Ras Al Khaimah’s (RAK) long-term foreign-currency issuer default rating (IDR) at “A” with a stable outlook. The rating is supported by the benefits of RAK's membership of the UAE, a low and declining …
Macroeconomics
Telecom Egypt logged a profit of EGP 2.133 billion in H1-19
18 August 04:27 PM Pharos Research sets Telecom Egypt’s FV at EGP 16.22/shr
Cairo – Mubasher: Pharos Research has set the fair value (FV) of Telecom Egypt’s stock at EGP 16.22 with an overweight recommendation. Telecom Egypt will be the only telecom operator listed on the Egyptian Exchange (EGX) after delisting the shares …
Stock Evaluations
Bahrain Kuwait Insurance is listed on both BHB and Boursa Kuwait
18 August 02:34 PM AM Best affirms Bahrain Kuwait Insurance’s ratings
Mubasher: AM Best has affirmed Bahrain Kuwait Insurance Company’s financial strength rating of ‘A-’ (Excellent), and the long-term issuer credit rating of ‘A’, with a ‘Stable’ outlook, according to a statement to Bahrain Bourse (BHB) on Sunday. …
Ratings
STC became the first Saudi company to be globally accredited for providing cloud-based services
18 August 02:23 PM STC wins VMware’s certificate for providing cloud computing service
Riyadh – Mubasher: VMware, which provides cloud computing and virtualization software and services, has awarded Saudi Arabia’s Saudi Telecom Company (STC) a certificate for providing cloud computing service. Accordingly, STC became the first Saudi …
Macroeconomics
EIPICO headquarters
15 August 07:22 PM Pharos sets EIPICO’s FV at EGP 95.3
Cairo – Mubasher: Pharos Research has set the fair value (FV) of the Egyptian International Pharmaceutical Industries Company (EIPICO) at EGP 95.3, with an overweight recommendation, according to a report released on Thursday. EIPICO can enhance …
Ratings
Gulf Insurance's long-term Issuer Credit Ratings affirmed at 'a'
15 August 03:38 PM AM Best affirms Gulf Insurance’s rating, revises outlook to ‘Negative’
Mubasher: AM Best has affirmed Gulf Insurance Group’s Financial Strength Rating (FSR) at ‘A’ (Excellent), while its outlook has been revised to ‘Negative’ from ‘Stable’, according to a disclosure to Boursa Kuwait on Thursday. The rating agency …
Ratings
RIL's net debt may be reduced by $16bn
14 August 09:51 PM Deals with Aramco, BP to lower India’s Reliance Industries leverage – Moody’s
Riyadh - Mubasher: The recently announced transactions by Reliance Industries to sell stakes to Saudi Aramco and BP is expected to reduce the Indian company’s leverage, according to a report released on Wednesday by Moody’s Investors Service. …
Companies Investments
"Bahrain's public finances are highly sensitive to oil price fluctuations"
10 August 05:19 PM Bahraini economy susceptible to liquidity risks – Moody’s
Mubasher: Bahrain suffers a weak balance sheet and is vulnerable to external and liquidity risks, which weaken its credit profile, according to a report released by Moody's Investors Service. Owing to the kingdom’s dependence on oil, the decline …
Macroeconomics
"NBK has been proactively evolving sustainability performance"
27 July 04:50 PM FTSE4Good Index includes NBK
Mubasher: The National Bank of Kuwait (NBK) on Saturday announced that it has been selected to be a constituent of the FTSE4Good Index Series. The NBK is the only Kuwaiti bank to be included in the global index, according to a statement. “Over the …
Banking and Finance
The bank’s SR and SRF reflect Fitch's view of a high probability of support for the bank
25 July 04:28 PM Fitch affirms SAIB’s rating at ‘BBB+’; outlook stable
Riyadh – Mubasher: Fitch Ratings has affirmed the Saudi Investment Bank's (SAIB) Long-Term Issuer Default Rating (IDR) at “BBB+” with a stable outlook, according to Fitch’s recent report. Fitch Ratings, which is one of the big three credit rating …
Banking and Finance
The rating reflects Fitch’s view of a high probability of support for the bank
25 July 03:27 PM Fitch affirms Saudi Arabia’s GIB rating at ‘BBB+’; outlook stable
Riyadh – Mubasher: Fitch Ratings has affirmed Gulf International Bank - Saudi Arabia's (GIB SA) Long-Term Issuer Default Rating (IDR) at "BBB+" with a stable outlook. The rating reflects Fitch’s view of a high probability of support for the bank, …
Ratings
Project owners in GCC have awarded construction contracts worth $49 billion in H1-19
23 July 04:13 PM Saudi Arabia construction projects’ value hit $63bn in Q2 – BNC
Mubasher: Saudi Arabia is the first largest construction market in the GCC with total investments of $63.5 billion in the second quarter of 2019, according to a recent report by BNC Construction Intelligence. During the first six months of 2019, …
Real estate
Warba Insurance’s competitive position has been undergoing a pressure
21 July 02:38 PM S&P affirms Warba Insurance’s rating at 'BBB'
Mubasher: Warba Insurance announced that Standard & Poor's Financial Services (S&P) has affirmed the company’s rating at ‘BBB’, with a ‘Negative’ outlook. S&P kept the company’s rating unchanged due to a decline in revenues, in addition to a …
S&P raised its insurer financial strength and issuer credit ratings on Salama
21 July 10:34 AM S&P upgrades Dubai’s Salama to ‘BBB’
Dubai – Mubasher: S&P Global Ratings announced it has upgraded its insurer financial strength and issuer credit ratings on Islamic Arab Insurance Co (Salama) to 'BBB' from 'BBB-', with a stable outlook. This rating comes following a review of …
"We remain committed to obtaining an investment-grade rating"
20 July 11:20 PM Fitch assigns 'BBB-' rating for DAE’s IDR
UAE – Mubasher: Fitch Ratings has assigned an overall 'BBB-' rating to Dubai Aerospace Enterprise’s (DAE) long-term issuer default ratings (IDR), with a stable outlook, according to the Emirates News Agency (WAM). Since the acquisition of AWAS …
Ratings
The Kuwaiti economy is still dependent on oil
20 July 06:21 PM S&P affirms Kuwait’s credit rating at ‘AA’; outlook stable
Mubasher: Standard and Poor's (S&P) has kept Kuwait’s credit rating at ‘AA’ with a stable outlook, the Kuwait News Agency (KUNA) reported on Saturday. The global rating agency stated that it could raise that rating if Kuwait conducted a broad …
Ratings
The rating has no financial impact
18 July 10:56 PM CI affirms rating of Gulf Bank’s KWD 100m Tier 2 subordinated bond
Mubasher: Capital Intelligence Ratings (CI Ratings) affirmed the rating of KWD 100 million Basel III-compliant Tier 2 subordinated bond issued by Gulf Bank at 'BBB+', with a stable outlook. CI ascribed its decision to the bank’s well-established …
Banking and Finance
Securities issued under the programme will constitute direct obligations of Samba
16 July 10:57 AM Moody’s assigns (P) A1 rating to Samba Financial Group
Riyadh – Mubasher: Moody's Investors Service has assigned provisional senior unsecured foreign-currency ratings of (P)A1/ (P)P-1 to the $5 billion Euro Medium-Term Note (EMTN) programme of Samba Funding Limited, a special-purpose vehicle …
Macroeconomics
Moody's previously assigned the first-time long-term issuer rating to ESIC at Baa3
15 July 04:14 PM Moody's assigns (P)Baa3 rating to ESIC's trust certificate programme
UAE – Mubasher: Moody's Investors Service on Monday assigned Emirates Strategic Investments Company’s (ESIC) proposed $1 billion Trust Certificate Issuance Programme to be established by its subsidiary ESIC Sukuk Limited a (P)Baa3 senior unsecured …
Ratings
84% of global CEOs have a moderate or high M&A appetite for the coming three years
15 July 11:11 AM Saudi Arabia to see rise in M&A activity in 2019 – KPMG
Riyadh – Mubasher: Merger and acquisition activity (M&A activity) in Saudi Arabia is expected to witness a leap during 2019, according to a recent survey conducted by KPMG. The survey is based on interviews with more than 1,300 executives from …
Ratings
Almarai has been ranked the 7the place among the world’s most valuable dairy brands
11 July 04:26 PM Almarai breaks into world’s 10 most valuable dairy brands
Riyadh – Mubasher: The Saudi-based conglomerate, Almarai Company, has been ranked the 7the place among the world’s most valuable dairy brands, according to the latest report by Brand Finance, an independent brand valuation consultancy. The company …
Sales volume declined 3% year-on-year in Q2-19
10 July 02:03 PM Al Rajhi Capital raises Advanced Petrochemical’s TP to SAR 59/shr
Riyadh – Mubasher: Al Rajhi Capital has raised Advanced Petrochemical Company’s (APCC) target price (TP) to SAR 59 per share instead of SAR 58.90 a share. “APCC reported Q2 earnings at SAR192mn, broadly in-line with our estimate of SAR184mn and …
Ratings
eXtra posted a 59% year-on-year profit hike during Q2-19
10 July 12:48 PM Al Rajhi Capital maintains 'Overweight' on eXtra at TP of SAR 80/shr
Riyadh – Mubasher: Al Rajhi Capital has maintained their ‘Overweight’ recommendation on United Electronics Company’s (eXtra) stock at a target price (TP) of SAR 80 a share. “Extra reported robust Q2 2019 results with revenue of SAR1,161mn (+14% …
Ratings
The rating reflects the company’s strong capitalisation
10 July 11:10 AM Moody’s affirms CHUBB’s rating at ‘A3’; outlook ‘Stable’
Riyadh – Mubasher: Moody’s Investor Service has confirmed CHUBB Arabia’s Insurance Financial Strength Rating (IFSR) at “A3” with a stable outlook. The rating reflects the good stand-alone fundamentals of CHUBB Arabia’s operations reflecting the …
Ratings
The rating reflects the company’s strong brand and market position in Saudi Arabia
8 July 05:25 PM Moody’s maintains Saudi Re’s IFSR at ‘A3’ with stable outlook
Riyadh – Mubasher: Moody’s Investor Services has maintained Saudi Re for Cooperative Reinsurance Company’s (Saudi Re) Insurance Financial Strength Rating (IFSR) at “A3” with a stable outlook. The rating reflects the company’s strong brand and …